May 15 (SeeNews) - CEZ Distribution Bulgaria [BUL:3CZ], a subsidiary of Czech power utility CEZ, on Monday proposed to its shareholders to distribute a gross dividend of 25.4 levs ($14.17/12.97 euro) per share for financial year 2016.
The proposed dividend payout of a total of 48.97 million levs comprises the company's entire net profit for 2016 and part of undistributed profit from previous years, CEZ Distribution Bulgaria said in a bourse filing.
The company will call a shareholders meeting later to discuss the proposal.
In 2016, net profit rose to 26.6 million levs from 22.2 million levs in the previous year, according to the company's 2016 financial statement.
CEZ Distribution Bulgaria skipped dividend for financial years 2015 and 2014. For 2013, the company paid a gross dividend of 250 levs per share, or 48.2 million levs in total.
CEZ Distribution Bulgaria shares were traded 7.58% higher at 284.00 levs as of 10:55 CET on Monday on the Bulgarian Stock Exchange.
CEZ Group announced in January it had decided to study the options related to its equity investments in Bulgaria based on the interest of several investors. Last week, CEZ Group said that it is still scouting the market for offers for its assets in Bulgaria but declined to comment whether offers have been submitted.
In Bulgaria, CEZ operates a power distribution company, a retail electricity supplier and a wholesale trader. CEZ also owns a coal power plant with an installed capacity of 1,265 MW near the city of Varna as well as two renewable power plants.
(1 euro = 1.95583 levs)